Novus Capital Corporation II (NXU) Files Registration Statement for Merger With Energy Vault, Inc.

October 18, 2021 8:02 AM EDT

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Novus Capital Corporation II, a special purpose acquisition company (NYSE: NXU, NXU.U, NXU WS) (“Novus”) and Energy Vault, Inc. (“Energy Vault”), the company developing sustainable, grid-scale energy storage solutions with its proprietary technology, today announced that Novus has filed a registration statement on Form S-4 (the “Registration Statement”) with the U.S. Securities and Exchange Commission (“SEC”) on October 15, 2021.

The Registration Statement contains a preliminary proxy statement/prospectus, in connection with the previously announced proposed business combination. While the registration has not yet become effective and the information contained therein is subject to change, it provides important information about Energy Vault and Novus, as well as the proposed business combination.

Robert Piconi, CEO and Co-Founder of Energy Vault, commented, “We are pleased to have reached this first step in the transaction process. The proceeds from the business combination will be used to fund growth of the combined company and global deployment of Energy Vault’s storage systems.”

In September 2021, Novus Capital Corporation II entered into a business combination agreement with Energy Vault, whereby the newly combined company is expected to be listed on the New York Stock Exchange. Completion of the transaction, which is expected in the first quarter of 2022, is subject to approval by Novus’ stockholders, the Registration Statement being declared effective by the SEC, and other customary closing conditions.

Upon completion of the proposed transaction, the combined company is expected to receive up to $388 million in total gross proceeds from a combination of a committed common stock PIPE offering of $100 million, along with approximately $288 million of cash held in trust, assuming no redemptions.



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